PLEASANTON CA, Sept. 30, 2021 (GLOBE NEWSWIRE) -- AllTheResearch published updated research study report on “Sports Medicine Market Product (Body Reconstruction, Body Support & Recovery and Accessories), Application (Shoulder injuries, Knee Injuries, Foot & Ankle Injuries), End User (Hospitals, Physiotherapy Centres & Clinics) and Region, Global Forecasts 2017-2027.”
The Global Sports Medicine Market Was Valued US$ 6.7 Bn in 2020 is Expected to Reach US$ 10.1 Bn by 2027, with a Growing CAGR of 6.1% During the Forecast Period -2020-2027.
According to the U.S studies, it is observed that, every year more than 30 million citizens participate in sports activity. Around, more than 3.5 million injuries are reported in country every year. There is high participation rate which directly leads to increase in rate of injuries by creating demand for the need for sports medicines across the country.
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In order to support sports activities and introduce sports medicines, government initiatives help to boost the participation of athletes in sports activities across the globe. Followed by new product launch is other factor to propel the growth of the sport medicine market. For instance, Fuse Medical launched products, Galen XT Sutures, Screws in the sports medicines industry. Additionally, Smith and Nephew launched Healicoil Knotless suture which supports bones. With the increase in inventions and introduction of advanced products, the growth of sports medicine is expected to accelerate during the forcast period.
Sports Medicine Market: Factors Driving Growth
Increase in awareness of sports and active lifestyle leads to increase in incidences of sports injuries. For instance, about 30 million teens and children participate in some form of organized sports, and more than 3.5 million injuries occurred each year in the U.S. additionally, emergence of new sports related products, medicines, treatments, urge of less invasive surgeries followed by various developments in the field of regenerative medicines are the major factors responsible for the Sports Medicine Market Growth.
Major injuries occur during sport activities are shoulder injuries, knee Injuries, and foot & ankle Injuries. Based on our research, Knee injuries segment accounted for the largest share of the sports medicine market. This can be attributed to large number of knee injuries, availability of products for knee injuries, and investment by large market players in the segment. For instance, according to the survey conducted by the Centers of Disease Control and Prevention, more than 40% of sports injuries are knee injury.
Outbreak of Covid-19 has hampered the sport medicine market across the globe. Many national and international events like gatherings and sports events were cancelled that directly impacted the market. Disruption of healthcare services during pandemic also delayed many surgeries across the world. Hence, this factor directly impacted the demand of sport medicines. However, increase in awareness about health during pandemic is anticipated to increase more participation in physical activities in coming years. This will further create opportunities to market players.
Leading Players
The key players operating in the market are Smith & Nephew Plc, Medtronic, Stryker Corporation, KFx Medical LLC., Johnson & Johnson (Depuy Mitek), Osiris Therapeutics, Arthrex, Inc., Conmed Corporation, General Electric company, Zimmer Biomet Holdings, Inc., Ceterix Orthopaedics, Breg, Inc., Mueller Sports Medicine, Inc., DJO Global, Inc. and Wright, Nuvasive, Inc., Medical Group N.V
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The Global Sports Medicine Market Segmentation:
By Product
- Body Reconstruction
- Body Support & Recovery
- Accessories
By Application
- Shoulder Injuries
- Knee Injuries
- Foot & Ankle Injuries
- Elbow and Wrist Injuries
- Back and Spine Injuries
- Hip and Groin Injuries
- Other Injuries
By End user
- Hospitals
- Physiotherapy Centers & Clinics
- Ambulatory Surgery Centers
Sports Medicine Market: Regional Analysis
North America accounted to the highest sports medicine market share in 2020 and is anticipated to observe maintain it’s dominance during the forecast period. The rise in popularity of sports and related physical activities, awareness regarding the sports medicines, and treatments contribute to increase in demand for sports medicines in North America region. Other factors like presence of sports infrastructure, spending on sport activities, advanced technology are responsible for driving the sports industry and sports medicine market.
Asia- Pacific is expected to witness the fastest growth during the forecast period 2021 to 2027. However, the regulatory approvals required for sports medicines is less stringent than developed countries which provides an opportunity for the entry of new players in sports medicine market.
Recent News:
- In April 2021, Active Orthopaedics & Sports Medicine, the leading orthopaedic in New Jersey Joined Summit Health in order to provide full access to multispecialty services to the patients for better outcomes and best care.
- In December 2020, Zimmer Biomet acquired A&E Medical Corp. A leader in long-standing surgical solutions with $250 million transaction to benefit surgeons, patients, and health care system.
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Content Source: https://www.alltheresearch.com/press-release/sports-medicine-market-is-expected-to-reach-us-10-1-bn-by-2027
